There’s no such thing as a sure-thing in gambling, but one bet that is guaranteed to pay out is on the gaming industry itself. There’s never a dull moment in the gaming ecosystem and, as more attention is paid to the industry around the world, it’s safe to say that things are just heating up. In some areas, they’re also cooling down.
The Changing Global Gaming Industry
Brazil, a long time ago, had a thriving casino industry. That changed, however, with new laws implemented by then-President Eurico Gaspar Dutra in 1946. Now, more than 50 years later, things could be turning around once again. New land-based casinos could be seen in the country soon if a casino bill currently being discussed makes it all the way through the legislative obstacle course. Only one casino would be allowed in each state, but it’s a step in the right direction. There are 26 states in Brazil, which means the country could have a robust casino industry. The country is also exploring sports betting and iGaming options, which are now on a path toward approval.
From the land of the world-famous Carnival to the land of world-famous cheese, the US state of Wisconsin is close to seeing its first sportsbook. The Oneida Nation has been given the green light to launch a sportsbook after its compact with the state was approved by the Department of the Interior. It would be the first tribe in Wisconsin to introduce sports betting, although others are in line to join the market.
Sports betting is in the news a lot right now, as the NFL prepares to kick off the season on September 9. There is plenty of interest on the part of sports betting operators to get in on the action, inarguably the largest target of sports bettors in the US, and Arizona is adding its name to the list of legal states. Four operators had their license applications approved last week, with others announced over the weekend. They should have their operations in place ahead of the season start, but after British Columbia. The Canadian province beat Arizona to the punch, beginning to accept sports wagers at the end of last week.
Not only is NFL betting high on the list, but so is college football. Caesars is one of those to have been issued a license to launch in Arizona, thanks to its partnership with the Arizona Diamondbacks of MLB, but it likes college ball, as well. The gaming operator announced a deal with college football’s Fiesta Bowl last week to “boost fan engagement and expand sports gaming education” in the state.
Cuts Being Made
Even as some places are looking at how to expand their gaming activity to increase revenue, some cuts are being seen, as well. Penn National has been able to use COVID-19 and the post-pandemic recovery to evaluate its operations and found something interesting. A reduction in the number of slot machines at some of its properties doesn’t have a huge impact on its bottom line. That has led it to request permission from the Pennsylvania Gaming Control Board to cut the number of one-armed bandits at two of its Pennsylvania properties. The space where the machines once stood won’t go to waste, though, as the casinos would turn the areas into sportsbooks, which have more revenue potential than the slots.
While Penn National wants to increase its focus on sports betting, the Genting Group is going in the opposite direction. The company’s Genting UK arm is reportedly dropping the market completely, ready to focus solely on iGaming.
The Money’s Rolling In
Gambling.com is now a publicly traded company and is starting to see good results. It reported its financial earnings for the second quarter of the year, showing a year-on-year gain of $4.1 million as it went from $6.3 million to $10.4 million. Investors liked the news, as the company’s NASDAQ stock went from $6.74 on August 20 to $14.19 at the end of the day on Friday.
Casino operators across Nevada are happy with their recent results, as well. In July, the state’s collective gross gaming revenue was $1.35 billion, the fifth straight month that it saw over $1 billion. The new COVID-19 issues might have an impact, but casinos aren’t likely to be shut down again like they were last year.
FIFA also scored a huge windfall recently. As part of an investigation by the US Justice Department into corruption in sports, the agency has acknowledged that the soccer organization is entitled to some money that has been seized. As a result, FIFA and two affiliates, CONMEBOL and CONCACAF, are going to be paid over $201 million.